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Faraday Future jumps 62% as traders place bets on if the EV maker survives

admin by admin
December 12, 2022
in Business Deals


KanawatTH

Faraday Future Intelligent Electric (NASDAQ:FFIE) rose 63% to $0.48 per share in Monday morning trading after sliding last week to a new low of $0.25. Volume on FFIE is over 83M shares already at 10:45 a.m. as traders continue to bet into the wild swings.

Why the big slide in share price for the stock in 2022? The electric vehicle maker is facing a material gap between its current liquidity position and its near-term operational cash demands, noted Seeking Alpha author Leo Imasuen on the path ahead.

Imasuen warned that Faraday Future (FFIE) is facing the very material risk of running out of cash against ambitious plans to produce and sell the FF 91, its flagship luxury electric vehicle.

Short interest on FFIE is still at 21% of total float despite the stock trading below $1.00.

Early warning sign: The Seeking Alpha Quant Rating on FFIE was flashing Strong Sell all the way back at the beginning of the year before the 92% share price decline.



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